Walmart has filed a cryptocurrency patent to develop its own U.S dollar-backed digital currency similar to Facebook’s Libra.
The proposed coin’s objective aims to provide finance for those with limited access to banking services similar to Facebook’s intention for introducing Libra. The patent filing number 20190236564 “System and Method for Digital Currency via Blockchain,” was published by the U.S Patent and Trademark Office (USPTO) on Aug 1.
Walmart also stated that its coin would have features that can apply to a token being used in retail companies. The significant difference that Walmart indicates is that the proposed cryptocurrency will be able to provide a zero or low-fee marketplace for users to keep financial reserves. These reserves can be converted to cash and could be used at designated retail stores.
Although there are currently regulatory certainties, Walmart indicated that it is envisioning the creation of an “open-platform value for purchases and crowdsourcing work.” Walmart has also been working on blockchain projects such as food safety along with IBM, supply chain management, customer marketplaces, smart appliances throughout the last few years.
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